With the emergence of digital technology and the opening up of the world economy, the world is becoming smaller and smaller. At the same time, the potential expansion area for an enterprise is growing bigger. In order to be competitive and to take advantage of the emerging market conditions, more and more businesses are now targeting the global market. Large Enterprises have been doing this for quite a long time and now in the 21st century, it is the turn of mid-size businesses to expand their horizons. While globalisation brings new opportunities for growth and opens up new sources of revenue, it brings a whole new set of challenges to the businesses.
Are these challenges different for a mid-size company compared to a Large Enterprise? The answer is no. The basic challenges are same but they become different in the context of scalability. Often the cost of resolving these issues for a mid-size company is proportionately much higher compared to a big size company because of its size and the economic viability.
The most feared casualty of globalisation is the compromise of financial data. Analysis of financial data is the most effective way of measuring efficiency and monitoring progress of any business enterprise. It is imperative that the financial data must be accurate, reliable and available when needed. If the data is not reliable, does not reflect the accurate state of business, or is not available at the right time, the top management is vulnerable to the risk of losing its strategic and financial control. Such directionless growth is not desirable for any business.
The purpose of this whitepaper is to identify the challenges faced by mid-size global companies, from a financial recording and reporting perspective, and how modern ERP software and its implementation partner can help alleviate these challenges.